Axis Bank is among the top banks in the country offering a wide range of products to its customers all over the country. Among the top products offered by the bank, credit cards are among the most popular.
Along with a wide range of features and benefits which an Axis Bank Credit Card comes with, it is also comes with an interest rate added to the credit amount due if not paid within the due date.
An interest rate is a fee charged by your credit card provider on the amount you borrowed using your card. However, you will be charged an interest rate only if you haven’t paid the total outstanding bill amount within the due date or the interest-free period, whichever is applicable. For example: if your total credit card balance is Rs.10,000 and you make a partial payment of Rs.5,000 or the minimum due amount and carry forward the remaining amount to the next billing cycle, an interest rate will be levied.
However, if you clear the total outstanding balance within the due date, you do not have to pay an additional fee. That is the best thing about credit cards. But, if you are someone who cannot pay the total amount within the due date, it is very important for you to know about interest rate and how it is calculated.
It is important to know what the Annual Percentage Rate (APR) is before understanding the calculation of interest rate. APR a rate that your credit card provider charges you annually on the balance amount on your card.
However, in reality, banks charge a monthly interest rate on the balance due amount on a daily basis. You can calculate your Daily Periodic Rate by taking the Annual Percentage Rate and dividing it by the number of days in the year.
For example: If the monthly interest rate charged by your credit card provider is 13%, the formula used to calculate the interest rate you land up paying on an average daily balance method is as follows:
Interest Rate = [(Total Outstanding Amount x 13% per month x 12 months) X number of days] / 365 days.
Last Updated on - 27 Oct 2020
|Axis Bank Credit Cards||Monthly Rate||Annual Rate|
|Axis Bank Vistara Infinite Credit Card||2.95% per month||41.75% per annum|
|Axis Bank Select Credit Card||3.40% per month||41.75% per annum|
|Axis Bank Vistara Credit Card Privilege||2.95% per month||41.75% per annum|
|MyWings Card||2.95% per month||41.75% per annum|
|Pride Platinum||2.95% per month||41.75% per annum|
|Axis Bank Reserve Credit Card Miles & More World Select Card Miles & More World Card||3.40% per month||41.75% per annum|
|Axis Bank Signature Credit Card||2.95% per month||41.75% per annum|
|Pride Signature Card||2.95% per month||41.75% per annum|
||3.40% per month||46.78% per annum|
||3.40% per month||34.49% per annum|
Apart from not paying the total due amount within the due date, there are many other activities or transaction on your card that attracts interest rates. Some of them are as follows:
Axis Bank offers an interest-free period that ranges from 20 to 50 days depending on the date of the transaction. This feature is applicable only if your previous month’s balance is paid in full.
If you make the total outstanding balance within the interest-free period, you will not be charged anything additional. Which means that you have enjoyed the credit facility at a zero percent rate.
If you have not paid the total due amount within your due date, the interest rate will be charged on the total due amount from the transaction date till all the previous balance is paid in full.
On all cash advances, Axis Bank charges the monthly interest rate from the date of withdrawal till the amount is paid in full. Please refer to the table above to know the monthly interest rate on your Axis Bank credit card.
If you default on your credit card payments, Axis Bank will get in touch with you and remind you to make your payment. If you aren't able to pay the minimum due amount, your credit card will be blocked. Axis Bank has the right to report you to the Credit Information bureaus which will negatively affect your credit score.
You can reach the Axis Bank credit card customer service department by dialing 1800 209 5577 or 1800 103 5577. These numbers are accessible from any landline or mobile phone in India. You can dial +91 - 22-27648000 if you are calling from outside India. Alternatively, you can write to firstname.lastname@example.org or visit https://application.axisbank.com/webforms/axis-support/index.aspx for more assistance.
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